In March, the online magazine Cobrapost claimed it had evidence that officials at India’s three leading non-state banks were facilitating money laundering. Probes were initiated, staff were suspended and the local press was abuzz.
Now, in the second part of the sting operation, Cobrapost levelled similar allegations against 23 more financial services companies, including public sector banks and insurance companies. Many say the news is less exciting this time. But are they missing something? Continue reading »
The Hungarian forint plunged on Tuesday to its lowest level against the euro since last June, losing over 1 per cent to 305 forint as investors took fright at the latest round of controversial policy moves from prime minister Viktor Orbán.
They don’t like the row between Budapest and the European Union over the constitution; nor György Matolcsy, the new central bank governor; nor plans to convert small companies’ fx loans into forint, using the central bank’s reserves. Expect further pressure on the currency. Continue reading »